NOTE: HARBOR’s Daily Aluminum Commentary will not be published on Monday, May 29, due to Memorial Day holiday in the US and a Bank holiday in the UK.
1. LME price continues to trade near seven-month lows, at the low end of our identified $… per mton short-term range.
2. China’s aluminum prices remain at the low end of the ten-month-old trading range.
3. ALERT! – US BILLET. ANOTHER LONG MATING SEASON AHEAD: US contracting extrusion demand leading extruders to consider delaying 2024 billet negotiations.
4. ALERT! – EUROPEAN BILLET. WEAKENING SPIRAL: Q3 contractual premium falls, and price differences between suppliers narrow further.
To see our full European Billet Market Intel and Premiums assessment, subscribe to HARBOR’s specialized “European Billet Intelligence” reports.
5. ALERT! – EUROPEAN P1020. LONG BEARISH PAUSE: European P1020 premiums continue trading sideways, bearish pressure intensifies.
6. ALERT! – EUROPE SCRAP AND SECONDARY. HALTED: Poor demand causes production halts and falling scrap prices.
For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.
7. GREEN ALUMINUM MONITOR. New Marketplace for Super Green Metals.
For more details and latest developments in the Green Aluminum market, subscribe to HARBOR’s specialized “Green Aluminum Monitor” reports.
8. LME Cash-3M backwardation eases, but nearby tightness remains nearly the steepest in one year (bearish for P1020 premiums).